Tourism and leisure SMEs based in the Northeastern Italian region of Veneto will issue Basket Bond Turismo Veneto Spiagge, a basket bond with a short term maturity (see here a previous post by BeBeez). Confcommercio Veneto, Confturismo Veneto, Fidi Impresa, Turismo Veneto carried on such an issuance with the help of Frigiolini & Partners Merchant who acted as advisor, arranger, and global coordinator. Basket Bond Turismo Veneto Spiagge has a one year term and pays a 2% gross coupon.
Chinese conglomerate Fosun International Limited acquired 75% of Tenax Capital, an asset management boutique based in London that Massimo Figna founded in 2004, sources said to BeBeez (See here a previous post by BeBeez). Fosun will carry on the acquisition through Fosun Insurance that invested 30 million euros for the capital increase of Tenax private debt fund. Tenax Capital has one billion of asset under management and is currently fundraising for Tenax Pmi Capital Fund. Guo Guangchang founded Fosun in 1992. The company has assets for 93.1 billion of US Dollars and is listed on Hong Kong stock market since 2007.
Italian pharmaceutical company DOC Generici listed on Milan market a senior secured bond with a floating rate worth 470 million euros that will finance the buy out of Intermediate Capital Group (ICG) and Mérieux Equity Partners (see here a previous post by BeBeez). ICG and Merieux acquired DOC from CVC Capital Partners on the ground of an enterprise value of 1.1 billion. The bond has an au pair issuance, is due to mature on 30 June 2026 and pays a quarterly reset coupon at the rate of 3 months Euribor plus a 3.875% spread. DOC Generici has sales of 208 million (184 million yoy), an ebitda of 81 million (68 million) or 39% (37%) , and net financial debts of 223.2 million.
Cristoforetti Servizi Energia (CSE) issued a minibond worth 8 million euros (See here a previous post by BeBeez). CSE bonds is structured in 2 tranches worth 4 million each. The first tranche is due to mature on 31 December 2024 and has an amortizing structure. Finint’s Fondo Strategico Trentino-Alto Adige entirely subscribed the liability. CSE will use the proceeds for financing its plans for organic growth worth 18 million. Cristoforetti Servizi Energia has sales of 36.9 million, an ebitda of 4.71 million, and net debt of 12.2 million.
Sansedoni Siena, a real estate company that belongs to Fondazione Mps (67%), Banca Mps (21.8%) and to Unieco(11.2%) filed an application for receivership to Siena Court in order to restructure its debt of 165 million euros (See here aprevious post by BeBeez). British fund Arrow Global will recap the company with its Italian subsidiaries Europa Investimenti and Sagitta. Sansedoni may launch a capital increase of 5 million that EI will subscribe.
JP Industries applied for receivership after it acquired the unit for the production of house appliances of Antonio Merloniin December 2011 (See here a previous post by BeBeez). The company has debts of 4 million euros with its suppliers, 25 million with the Italian Inland Revenues, 10 million with banks. Giovanni Porcarelli founded JP Industries in 2012 and acquired Merloni for 12.2 million instead of the estimated value of 54 million.
Mantova Court accepted the receivership application for Italian construction company LMV and appointed Stefano Stringaas commissioner (see here a previous post by BeBeez). LMV has debts of 30 million euros, sales of 22 million, and an ebitda of minus 10 million.
The British activities of troubled Italian fashion group Stefanel applied for receivership (see here a previous post byBeBeez). In 2015, Stefanel opened two stores in London’s prime areas of Covent Garden and Regent Street. Consob, the Italian stock market regulator, suspended Stefanel shares from trading since 6 June 2019. In 1Q19, the company’s financial debt was of 88.36 million euros.
Reggio Emilia Court accepted the application for receivership of Società Agricola Ferrarini (see here a previous post by BeBeez). The company has sales of 87 million euros, net profits of 0.279 million, and debts of 69 million.
The Bank of Italy asked Italian banks to adopt a new discipline for the definition of prudential default that the European Banking Authority outlined (see here a previous post by BeBeez). A borrower is in default whe at leas one of the following conditions is in place: past-due criterion – a borrower is in at least 90 days late for the payment of a relevant bond; unlikeliness to pay – the lenders think that the borrower can pay back its debt only with the sale of collaterals.
Banca Illimity acquired corporate secured Npls with a face value of 55 million euros (see here a previous post by BeBeez). Illimity also issued a 110 million worth financing for the acquisition of four portfolios of secured Npls with a face value of above 500 million. Furthermore, Illimity acquired 70% of IT Auction, a platform for auctioning real estate and industrial assets, for 10.5 million. The target’s managers will hold 30% of the business. Illimity has a call option for this remaining stake of IT Auction. Renato Ciccarelli is the founder of IT Auction that has sales of 10 million, an ebitda of 2.1 million, equity of 2 million, and net profits of 1.2 million.
Mps and Cerved withdrew from their ten-years servicing agreement with Juliet, a platform for handling distressed credits that MPS sold to Quaestio Holding and Cerved after having signed with them a partnership for the special servicing activities for the securitization of a portfolio of NPLs worth 26.1 billion euros (See here a previous post by BeBeez). MPS will pay 40 million for the earlier withdrawal.
Alberto Vigorelli is the new ceo of Fire Group, the operative holding of Gruppo Fire, a credit support firm (See here aprevious post by BeBeez). Vigorelli worked as chief risk officer of UniCredit Leasing and Deputy Head of Distressed Asset Management and Chief Risk Officer of Unicredit. Fire has a turnover of 46 million euros.